Lampard, who spent 13 trophy-laden years as a player at Chelsea, guided Derby to the Championship (second-tier) playoff final in his first season in management, where it lost out to Aston Villa, Reuters reported.
The 40-year-old has emerged as the favorite to replace Maurizio Sarri at the Premier League club after the Italian joined Serie A champions Juventus on Sunday.
“In my personal opinion, he’ll be the manager of Chelsea. It looks to me like it’s going to happen,” Redknapp, who has managed several English clubs including West Ham United and Tottenham Hotspur, told BBC Radio 5 Live.
“If Chelsea come calling, it’s a difficult one for him to turn down. He’s a true legend at Chelsea, one of the greatest players in the club’s history.
“It may not come along again, you never know in football, the opportunity is there for him to go back now.”